According to expert estimates, it will be quite realistic to produce 4.5-5.0 million tonnes of oil a year in future. Investments in the development of the Trebs and Titov fields have already reached 20 billion roubles (USD 1 = RUB 30.56) plus an 18-billion-rouble one-off payment for obtaining a license by the start of the pilot operation.

Bashneft Polyus plans to invest another 150 billion roubles in the field.

According to LUKOIL CEO Vagit Alekperov, whose company owns a 25-percent stake in the joint venture, the present-day capacities of the Varandei export terminal are sufficient to support oil exports both from LUKOIL’s fields and the Trebs and Titov deposits. There are no plans to expand the Varandei terminal capacities, Alekperov said.

Korsik, in turn, said that Bashneft holds geological surveys on the newly purchased blocks in Timano-Pechora. He does not rule out that his company will develop these fields jointly with LUKOIL.

Bashneft got the license for the development of the Trebs and Titov fields in the spring of 2011. Later, Bashneft and LUKOIL created a joint venture called Bashneft-Polyus for the development of the fields.

The Trebs and Titov fields are the most promising hydrocarbon-bearing territories not only in the Timano-Pechora province but elsewhere in Russia. Its overall recoverable reserves were estimated under Russia’s classification (C1 + C2 categories) and were put on state balance in the early 1990s. They are estimated at 140 million tonnes.